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Form 433-D for Queens New York: What You Should Know

Information Statement for Wage Earner/Self-Employed Individuals. If the tax liability is between 50,000 and 500,000, the taxpayer needs to file a return in lieu of a financial statement under Part 6, “Taxpayer Self-Employment Income.” This may be the same form as the Part 6 “Taxpayer Self-Employment Income Statement.” For a tax assessment in this category, use Form 433-P, Assessment. For a tax assessment in the highest tax bracket (more than 500,000), use Form 433-A, Tax Assessment.   When filing the return in lieu of an updated financial statement, the following information should be provided in brackets: Year the year of the assessment for income tax purposes was Amount the taxpayer paid or will pay on that income (from Form 1040, W-2, line 7; Form 1116-B, Schedule C or T; Form 4797, “Statement on Payroll Expense of Self-Employment,” or any other similar statement) Amount the amount of self-employment income tax paid or accrued on that income (from Line 8 of Form 4797) Amount of self-employment income tax paid to the Internal Revenue Service (or equivalent payment agency) that year Amount of income tax liability that year that was assessed on that income (from Line 10 of Form 4320, Wage & Tax Statement).   When filing the form in lieu of an updated financial statement, you can attach Form 433-A, “Collection Information Statement for Wage Earners and Self-Employed Individuals.” This form will allow federal, state, and local governments to review and confirm that the taxpayer was aware of the IRS requirement for payment by installment and did not delay the installment payment until after the assessment was made.  Payments cannot be made more than 15 days after the payment is due unless the time provided is greater than the payment period before the due date. If the taxpayer makes regular quarterly payments before the due date, the entire amount of the unpaid balance must be paid by the due date. However, the taxpayer may elect to make half of their payment by the due date. A payment deadline is not required to file Form 433-D for Wage Earner/Self-Employed Individuals. Income tax on the first 16,800 of your wage is due on or before your regular filing date for your tax year.

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